Bitcoin Drops Below $68K as US Election Draws Near | Weekly News Recap

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. It’s time for the weekly news recap. In today’s news feature: What’s behind the Bitcoin drop below $68,000?

Here are the latest crypto news stories in the last 24 hours.

Market Updates 📈

Here are the crypto highlights of the week:

Bitcoin is up 0.8% vs the previous seven days, now at $68,796.82.
The weekly top gainer in the top 100 coins is SUI ($1.89), up 9.4%
The weekly top loser in the top 100 is IMX ($1.08), down 18.8%
Noteworthy: Stacks ($1.46) is down 18% vs the past week.

Feature Story: Bitcoin Drops Under $68,000 as US Election Draws Near

Bitcoin’s price dropped below $68,000, down over 2% in the past 24 hours amid a volatile outlook on the U.S. presidential election.

What are the current odds of a Harris or Trump presidency: After earlier predictions of a clear path for Donald Trump, betting markets now show a nearly even split, with Trump’s odds on Polymarket sliding from 67% to just 53% against Kamala Harris.

This uncertainty has weighed on the broader crypto market with majority of the tokens in the top 100 are currently down in the last 7 days.

Photo for the Article - Bitcoin Drops Below $68K as US Election Draws Near | Weekly News Recap

According to Coindesk, the crypto market had surged earlier this month, fueled in part by expectations of a Trump victory, seen as favorable for digital assets.

All eyes in the crypto industry should now be focused on upcoming elections and monitor any shift during the day.

Watch: BitPinas Webcast: Countdown to US Elections — How Global Crypto Markets Will React

On the eve of one of the most anticipated US elections, join BitPinas and a panel of crypto experts, traders, and industry leaders for a live webcast. We’ll dive into the potential impacts of the US election results on the crypto markets both globally and in the Philippines, and discuss strategies for navigating these volatile times.

Local Crypto News 🇵🇭

Gabby Dizon, YGG co-founder, will speak at the Binance Blockchain Week Dubai.
YGG Play Summit opened the voting for the People Choice Awards.
Highlighted BitPinas articles:
- BSP granted digital bank GoTyme a VASP license.
- Enjin Lawyer Isabel “Ish” Guidote-Pangalangan has been named one of Asia’s top young lawyers in the ALB Asia 40 Under 40 2024 rankings.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

Donald Trump’s crypto venture, World Liberty Financial, plans to launch its own U.S.-dollar-backed stablecoin.
Animoca Brands expands with a new 28,000 square-foot Web3 office.
NBA Topshot NFT sales surged to a six-month high of 43,600 NFTs in the week ending Oct. 27, marking a 94% increase as the 2024-2025 NBA season began.
dYdX CEO Antonio Juliano announced the layoff of 35% of the workforce, citing a need for the company to adapt to its changing goals.

Educational Corner 🎓

This week, BitPinas updated the following.

List of crypto airdrops to watch out for in 2024
List of 170+ Cost Free Airdrops 2024 Without Spending Money

Regulation Watch 📜

Stay informed about the latest regulatory updates from here and around the world and what they mean for you:

Blockchain Association and Crypto Council support Beba’s lawsuit against the SEC, seeking clear regulations on token airdrops.
Hong Kong is considering tax breaks for virtual assets, alongside regulatory updates for stablecoin issuers and trading services.
Tether denied allegations of a federal investigation into potential anti-money laundering violations.
Gemini received preliminary approval for its Major Payment Institution license in Singapore.

Community Spotlight 🔦

The following people were feature in last week’s community spotlights:

Emerson Fonseca, CEO, The BLOKC (October 31)
Mench Dizon, Country Lead, YGG Pilipinas (November 1)

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

Astria launched its main network for a decentralized sequencing layer.
Solana’s DEX Raydium achieved a record daily transaction volume of $1.8 billion on October 23, surpassing its previous high of $1.65 billion from December 2023.
Google Cloud partnered with Mantra as the primary validator and infrastructure provider for Mantra Chain, a Layer 1 network focusing on real-world assets.
The Bitcoin layer-2 project Stacks activated its anticipated Nakamoto upgrade, enhancing transaction speed.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

The Sandbox partnered with King Kong of Skull Island to create a new virtual realm, AdventureWorld, allowing users to buy and monetize LAND inspired by King Kong.
Parallel will host its Parallel League Championship in Las Vegas on March 1-2, 2025, featuring a $250,000 prize pool.
Drake Star’s Q3 2024 report shows blockchain gaming attracted 32% of all gaming investments.
The African gaming market, fueled by mobile adoption and rising internet connectivity, is projected to grow from $2.14 billion in 2024 to $3.72 billion by 2029.